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Bulls Targeting YTD High USDJPY....>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: Bulls Targeting YTD High
USDJPY closed above the key 112 level on Friday for the first time since
mid-December. Rate extended the move to 112.10, before meeting resistance from
the Mar 5 ytd high. The subsequent retracement dipped back under 112.00, despite
this pullbacks have so far remained shallow and keeps the uptrend intact. A
topside break of 112.14 opens the 76.4% retracement of the Oct - Jan fall at
112.25, above here opens the 50% retracement of 125.86-99.02 & Dec 20 high at
112.44/60. Bears need to clear the 100-dma & Apr 10 low at 110.87/84 to
re-ignite downside momentum, opening the 38.2% retracement level of
104.56-114.55 & Mar 29 low at 110.73/54.

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